Dosh and The Center for Generational Kinetics Unveil New National Research on How Cash Back Incentives Influence Gen Z and Millennial Shopping Behaviors
New study confirms link between cash back offers and increased consumer spend
AUSTIN, Texas, May 5, 2020 /PRNewswire/ -- Dosh, the fastest-growing cash back ad platform that automatically puts cash into the wallets of consumers, today unveiled the results of a new national study on generational expectations and behaviors when it comes to cash back rewards. The Center for Generational Kinetics, the leading research firm on Millennials and Gen Z, surveyed more than 2,000 U.S. respondents across Gen X, Millennials and Gen Z age groups and examined trends across cash back incentives, digital marketing strategies and the importance of frictionless transactions for these key consumer groups.
The national study found that digital cash back rewards offer a unique customer acquisition and loyalty opportunity for brands who make this a key part of their marketing strategy, as they play a significant role in customer retention and influencing new buying behaviors. Key findings from the study include:
- Cash back means more business: Cash back incentives work. This study revealed this applies in-store and online. 80% of call consumers would visit a store they haven't tried before if alerted about direct cash back offers, and 74% of Gen Z and 70% of Millennials spend more money online if they know they will instantly receive 5% cash back.
- Consumers favor brands who invest in them, over traditional ads: 76% of both Millennials and Gen X view a store that invests its marketing budget to "pay back" loyal customers more positively than one that spends advertising dollars elsewhere.
- Rewards breed brand affinity and convenience is king: Almost two-thirds (64%) prefer a single app that delivers cash back from multiple participating merchants over merchant-specific apps.
- Deal alerts drive action: 82% of Americans say they'd shop more frequently at stores they haven't been to in a while if they're notified about a cash back offer. Millennial moms are 9% more likely than the general population to frequently respond to cash back alerts.
"The saying, 'cash is king' continues to reign true. This data reinforces what we've seen from brands on the Dosh platform and the behavior of our users: every retail category can benefit by adding frictionless cash back experiences to their digital strategy," said Ryan Wuerch, CEO and founder of Dosh. "In the current retail environment, it's more important than ever to be thinking about what truly matters to consumers. Brands who choose to spend marketing dollars to engage with and reward shoppers will be on a better path to retain them."
"The study results highlight that frictionless cash back rewards are a high ROI strategy for merchants to connect with customers of each generation," said Jason Dorsey, president and co-founder of The Center for Generational Kinetics. "Cash back on a purchase allows consumers to feel appreciated by the brand or merchant and earn incentives without the hassle of extra steps, while enabling merchants to increase new sales and build loyalty at this critical time with customers."
To download the white paper, click here, and to view the infographic, click here.
About the Research
Dosh and The Center for Generational Kinetics jointly led this research. An online custom survey, designed collaboratively, was administered to 1,003 U.S. respondents, ages 18–54. Respondents included an oversample of 520 Gen Z individuals between 18–23, and a 515-person oversample of moms between 24–42, who have at least one child. The sample was weighted to the U.S. Census for age, region, gender, and ethnicity.
The survey was conducted online from November 1, 2019 to December 2, 2019. It has a margin of error of +/-3.1 percentage points. To view more results from the survey, visit this site.
About Dosh
Dosh has created the fastest-growing cash back offer platform that automatically puts money into the wallets of consumers whenever they shop, dine or book hotels. The company is built on the vision to democratize advertising for the benefit of people everywhere. Dosh connects brands and retailers with consumers, allowing them to give cash back directly instead of inefficiently spending that money on advertising. Dosh's mission is to positively impact people's lives by moving billions of dollars to millions of people. To learn more about Dosh visit: dosh.com.
About The Center for Generational Kinetics
The Center for Generational Kinetics is the leading research, speaking, and strategy firm focused on Millennials, Generation Z, and solving cross-generation challenges. The Center's team of PhD researchers, strategists, and speakers help leaders around the world solve tough generational challenges in areas ranging from leading across multiple generations in a global company to selling and marketing to Millennials and Gen Z.
Each year, The Center works with over 100 clients around the world, from car manufacturers and global hoteliers to insurance companies, hospital groups, and international software firms. The Center's team is frequently quoted in the media about the effect of generational differences on everything from shopping and parenting to work style and social media. Learn more about The Center at GenHQ.com.
Contact:
Megan Enright
Mission North for Dosh
[email protected]
SOURCE Dosh
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